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The Situation

​​We just start to realize how deep the correction at the beginning of the year​was on the ​​​US equity market: On the low made on January 20 2016 at 181.02​on the SP500 Index (SPY ETF), even if few realize that the SPY ETF ​now ​trade ​well above that level (209.48 as of June 30). ​(See first chart below)​​​ Rebounding from those abyssmal technical levels was quite a statement ​from Mr Market in January 2016 and February as a double bottom emerged​and since then we keep making Monthly higher highs and higher ​lows for the Mighty SP500 Index. (See first chart below - Monthly Candles)

​But few of us realize that we are now at the resistance of a Monthly ​Downward Channel for the Mighty ​SP500 Index (SPY ETF) (See first chart below - ​Downard Channel - Ellipse) on a weak Monthly Volume trading environment.​​Some technical indicators and statistics:

1) SPY ETF is at only 2.0% from its peak reached on May 20 2015.​​​​( See first chart below )​ ​2) SPY ETF is in fact far of testing the Monthly Major Support Trendline that started back on March 2009. ​​​​( See first chart below - Thick Blue Trendline )​ ​3) SPYETF closed on the Monthly Major Resistance Trendline from a Downward Channel that started back on May 2015. ​​​​(See first chart below - Downward Channel - Ellipse )​ ​​Also quite interesting to have a broader view of the financial market in other asset classes. As the SPY ETF is at the Monthly Resistance Level, the TLT ETF (iShares 20+ Year Treasury Bond ETF) is quite near of a Major Monthly Resistance Trendline that started back in December 2008. (See second chart below - Blue Trendline - Ellipse)​​Gold price is also at the Major Resistance Trendline that started back since August 2011 on a Monthly basis as shown by the third chart below.

​​​​​But the most interesting technical factor is that at a time were we have the SPY ETF, TLT ETF and Gold prices at / near Major Resistance Monthly Trendlines, we have Dr Copper near its Major Monthly Support Trendline that started back in October 2002. ​(Bottom Chart - Grey Trendline - Ellipse)

Too much money from Central Banks can inflate Financial Assets like the SPY ETF but only a stronger economic activity can trigger an upwave in copper, iron ores...

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"To fight and conquer in all your battles is not supreme excellence; supreme excellence consists in breaking the enemy's resistance without fighting."​-Sun Tzu, the Art of War